[sbinews] SBILIFE PREMIUM

From: sbistcbangalore@xxxxxxxx

To: sbinews@xxxxxxxxxxxxx

Date: Mon, 22 Dec 2003 21:22:29 +0500

SBI Life sees 1/3rd premiums comingvia bancassurance
Business Standard
Wednesday, December 10, 2003
SBI Life Insurance expects about one-third of its gross premium income to be
generated by the bancassurance distribution channel during the current fiscal.
The insurance company has an arrangement with its parent - State Bank of India
for distribution of its products. "Apart from the traditional distribution
channels, alternative channels such as bancassurance, telemarketing etc are
evolving rapidly in the country," R Krishnamurthy, chairman and managing
director of SBI Life said at CII's 8th Insurance Summit here today.
Last fiscal, bancassurance generated about 15 per cent of the gross premium for
the new insurance players and this year it is estimated to grow to 25 per cent.
By 2008, the channel is expected to generate 35 per cent of the gross premium
for the private life insurers, Krishnamurthy said.
Insurance products that add value to the banking products of the partner banks
will help to quicken the take-off of bancassurance. SBI Life could succeed with
two such products wherein it has offered a group insurance for its parent
bank's depositors and a life cover offered along with a home mortgage,
Krishnamurthy quoted examples.
Stuart Purdy, managing director of Aviva Life Insurance said that of the 65,000
bank branches in the country, about 33,000 branches are located in rural areas
while another 14,000 are located in semi urban areas.
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